W9 Form Kentucky 2022 – A Internal Revenue Service tax form known as a W-9, is used to verify the identity of a person’s address and name. A confirmation form can be requested for either a U.S. citizen, or an non-resident alien. Also called the Request for Taxpayer Identification Number and Certification Form, the W-9 is available.
What Is Form W-9 Used To Do?
Most often, the W-9 information is used to create Form 1099. A 1099 form includes information on any income that might be received from the TIN holder but wouldn’t normally be recorded on the W-2 form. This could include income earned as part of a deal, certain real estate transactions, dividends paid against investments, and other financial transactions.
Employee or Independent Contractor?
If you’re an employee your employer is required to withhold income tax as well as withhold and pay Social Security and Medicare taxes and also pay unemployment tax on your earnings. However, this won’t be the case if your are an independent contractor. That means you’ll be responsible for the employer’s portion of Social Security and Medicare taxes however you will not receive unemployment compensation should you be laid off.
Can I refuse to complete Form W-9
Absolutely. If you do not respond to an legitimate request your client could withhold taxes from your wages at 24%. 24%.10 The accounting department might be able to see you as a nuisance and notify the person you spoke to to not conduct business with you again. The business is required from the IRS to collect a completed form W-9 from everyone they pay $600 or more to during the year. Infractions to this requirement could result in fines.
Refusing to fill out the form is a good idea if you feel the requester has no business making the request. Talk to a tax expert if you have any questions.
The Bottom Line
W-9 forms are used by freelancers (also known as freelancers). It is vital to complete the form in a timely manner, but only if it is the right form to fill out and the request has been granted. W9 Form Kentucky 2022